Cash flow Universal Music Group N.V.

Equities

UMG

NL0015000IY2

Entertainment Production

Market Closed - Euronext Amsterdam Other stock markets 16:55:00 13/02/2026 GMT			5-day change	1st Jan Change
20.10 ^EUR	-0.25%		+2.00%	-9.58%

02-13	Universal Music Group Gets Conditional EU Approval for Downtown Music Purchase	MT
02-13	EU Clears Universal Music Group's $775 Million Downtown Acquisition	DJ

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Published financial data: UNIVERSAL MUSIC GROUP N.V.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	7.43B	8.5B	10.34B	11.11B	11.83B
Total Revenues	7.43B	8.5B	10.34B	11.11B	11.83B
Cost of Goods Sold, Total	3.92B	4.61B	5.75B	6.21B	6.75B
Gross Profit	3.52B	3.9B	4.59B	4.9B	5.09B
Selling General & Admin Expenses, Total	2.27B	2.46B	2.67B	3.18B	2.85B
Amortization of Goodwill and Intangible Assets - (IS)	-	-	268M	276M	296M
Other Operating Expenses, Total	2.27B	2.46B	2.94B	3.45B	3.15B
Operating Income	1.25B	1.44B	1.65B	1.45B	1.94B
Interest Expense, Total	-38M	-38M	-62M	-106M	-129M
Interest And Investment Income	5M	6M	20M	17M	22M
Net Interest Expenses	-33M	-32M	-42M	-89M	-107M
Income (Loss) On Equity Invest.	-9M	5M	-2M	-	4M
Currency Exchange Gains (Loss)	-	11M	-1M	-11M	-3M
Other Non Operating Income (Expenses)	4M	-309M	-652M	409M	1.14B
EBT, Excl. Unusual Items	1.21B	1.11B	949M	1.76B	2.98B
Restructuring Charges	-20M	-20M	-32M	-41M	-169M
Impairment of Goodwill	-	-	-7M	-	-
Gain (Loss) On Sale Of Investments	591M	98M	-	-	-
Asset Writedown	-	-	-10M	7M	-2M
Other Unusual Items	-	-23M	-	-	62M
EBT, Incl. Unusual Items	1.78B	1.16B	900M	1.72B	2.87B
Income Tax Expense	412M	277M	115M	458M	778M
Earnings From Continuing Operations	1.37B	888M	785M	1.26B	2.09B
Net Income to Company	1.37B	888M	785M	1.26B	2.09B
Minority Interest	-3M	-2M	-3M	-4M	-7M
Net Income - (IS)	1.37B	886M	782M	1.26B	2.09B
Net Income to Common Incl Extra Items	1.37B	886M	782M	1.26B	2.09B
Net Income to Common Excl. Extra Items	1.37B	886M	782M	1.26B	2.09B
Per Share Items
Net EPS - Basic	0.75	0.49	0.43	0.69	1.14
Basic EPS - Continuing Operations	0.75	0.49	0.43	0.69	1.14
Basic Weighted Average Shares Outstanding	1.81B	1.81B	1.81B	1.82B	1.83B
Net EPS - Diluted	0.75	0.49	0.43	0.68	1.13
Diluted EPS - Continuing Operations	0.75	0.49	0.43	0.68	1.13
Diluted Weighted Average Shares Outstanding	1.81B	1.81B	1.82B	1.84B	1.85B
Normalized Basic EPS	0.42	0.38	0.33	0.6	1.02
Normalized Diluted EPS	0.42	0.38	0.32	0.59	1
Dividend Per Share	-	0.4	0.51	0.51	0.52
Payout Ratio	20.72	88.6	102.05	73.79	44.73
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.42B	1.64B	1.95B	1.52B	2.03B
EBITA	1.36B	1.61B	1.91B	1.48B	1.99B
EBIT	1.25B	1.44B	1.65B	1.45B	1.94B
EBITDAR	-	1.66B	1.97B	1.54B	2.04B
Effective Tax Rate - (Ratio)	23.13	23.78	12.78	26.61	27.1
Total Current Taxes	279M	319M	347M	476M	478M
Total Deferred Taxes	133M	-42M	-232M	-18M	300M
Normalized Net Income	753M	692M	590M	1.09B	1.86B
Interest on Long-Term Debt	-	16M	14M	14M	20M
Non-Cash Pension Expense	1M	3M	3M	6M	5M
Supplemental Operating Expense Items
Advertising Expense	143M	-	-	-	-
Net Rental Expense, Total	-	13M	18M	19M	19M
Imputed Operating Lease Interest Expense	-	1.19M	3.1M	6.21M	6.87M
Imputed Operating Lease Depreciation	-	11.81M	14.9M	12.79M	12.13M
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	561M	329M
Stock-Based Comp., Other (Total)	10M	79M	128M	39M	31M
Total Stock-Based Compensation	10M	79M	128M	600M	360M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	326M	585M	439M	413M	553M
Short Term Investments	1M	-	-	91M	27M
Total Cash And Short Term Investments	327M	585M	439M	504M	580M
Accounts Receivable, Total	1.15B	1.6B	1.76B	1.99B	2.24B
Other Receivables	613M	208M	253M	296M	283M
Notes Receivable	815M	-	-	-	-
Total Receivables	2.58B	1.81B	2.02B	2.28B	2.53B
Inventory	79M	99M	163M	210M	255M
Other Current Assets, Total	-	844M	984M	1.06B	1.21B
Total Current Assets	2.99B	3.33B	3.6B	4.06B	4.57B
Gross Property Plant And Equipment	-	816M	776M	778M	965M
Accumulated Depreciation	-	-261M	-291M	-285M	-277M
Net Property Plant And Equipment	670M	555M	485M	493M	688M
Long-term Investments	2.03B	1.7B	846M	1.66B	3.82B
Goodwill	1.37B	1.48B	1.58B	1.62B	1.9B
Other Intangibles, Total	1M	96M	119M	180M	232M
Deferred Tax Assets Long-Term	414M	404M	348M	479M	625M
Deferred Charges Long-Term	-	2.98B	3.06B	3.02B	3.39B
Other Long-Term Assets, Total	3.51B	1.54B	1.6B	1.58B	2.09B
Total Assets	10.99B	12.09B	11.64B	13.09B	17.32B
Liabilities
Accounts Payable, Total	121M	146M	138M	118M	168M
Accrued Expenses, Total	2.3B	3.42B	3.94B	4.35B	4.77B
Short-term Borrowings	640M	13M	930M	223M	754M
Current Portion of Long-Term Debt	-	305M	207M	55M	119M
Current Portion of Leases	78M	80M	77M	86M	66M
Current Income Taxes Payable	27M	39M	53M	70M	96M
Unearned Revenue Current, Total	-	388M	377M	408M	412M
Other Current Liabilities	1.55B	1B	800M	961M	1.24B
Total Current Liabilities	4.72B	5.39B	6.52B	6.27B	7.62B
Long-Term Debt	2.37B	2.28B	1.11B	1.83B	1.78B
Long-Term Leases	447M	421M	346M	324M	475M
Pension & Other Post Retirement Benefits	-	205M	152M	153M	163M
Deferred Tax Liability Non Current	828M	850M	580M	676M	1.17B
Other Non Current Liabilities	1.19B	919M	576M	862M	1.56B
Total Liabilities	9.56B	10.06B	9.29B	10.11B	12.77B
Common Stock, Total	-	18.13B	18.14B	18.22B	18.29B
Additional Paid In Capital	-	14.94B	14.94B	14.99B	15.04B
Retained Earnings	1.91B	-30.77B	-30.71B	-30.24B	-28.8B
Treasury Stock	-	-12M	-5M	-5M	-5M
Comprehensive Income and Other	-482M	-263M	-	-	-
Total Common Equity	1.43B	2.03B	2.35B	2.96B	4.53B
Minority Interest	-	-	1M	21M	25M
Total Equity	1.43B	2.03B	2.35B	2.98B	4.55B
Total Liabilities And Equity	10.99B	12.09B	11.64B	13.09B	17.32B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.81B	1.81B	1.81B	1.82B	1.83B
ECS Total Common Shares Outstanding	1.81B	1.81B	1.81B	1.82B	1.83B
Book Value / Share	0.79	1.12	1.3	1.63	2.47
Tangible Book Value	62M	454M	654M	1.16B	2.4B
Tangible Book Value Per Share	0.03	0.25	0.36	0.64	1.31
Total Debt	3.53B	3.1B	2.67B	2.51B	3.19B
Net Debt	3.21B	2.51B	2.23B	2.01B	2.61B
Debt Equivalent of Unfunded Proj. Benefit Obligation	197M	208M	153M	156M	167M
Debt Equivalent Oper. Leases	-	104M	144M	152M	152M
Minority Interest, Total (Incl. Fin. Div)	-	-	1M	21M	25M
Equity Method Investments, Total	72M	109M	156M	222M	578M
Account Code - Inventory Valuation	6	6	6	6	6
Land - (BS)	-	234M	241M	242M	272M
Machinery, Total	-	111M	119M	122M	125M
Full Time Employees	9.18K	9.22K	9.71K	9.97K	9.64K
Part Time Employees	-	290	283	318	-
Accumulated Allowance for Doubtful Accounts (Supple)	62M	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	1.37B	886M	782M	1.26B	2.09B
Depreciation & Amortization - CF	128M	102M	109M	114M	113M
Amortization of Goodwill and Intangible Assets - (CF)	108M	175M	268M	35M	51M
Depreciation & Amortization, Total	236M	277M	377M	149M	164M
Amortization of Deferred Charges, Total - (CF)	-	-	-	233M	245M
(Gain) Loss From Sale Of Asset	-	-2M	2M	-26M	-23M
Asset Writedown & Restructuring Costs	-	-	17M	-7M	2M
(Income) Loss On Equity Investments - (CF)	9M	-5M	-	-	-
Stock-Based Compensation (CF)	-	-	-	429M	131M
Other Operating Activities, Total	-1.9B	-101M	480M	-316M	-845M
Change In Accounts Receivable	-	-126M	-203M	-309M	-110M
Change In Inventories	-	-17M	-62M	-52M	-32M
Change In Accounts Payable	-	226M	333M	527M	137M
Change in Other Net Operating Assets	287M	2M	6M	-2M	-
Cash from Operations	-3M	1.14B	1.73B	1.88B	1.76B
Capital Expenditure	-66M	-13M	-33M	-47M	-91M
Sale of Property, Plant, and Equipment	-	6M	-	-	2M
Cash Acquisitions	-4M	-11M	-22M	-97M	-163M
Divestitures	11M	117M	-	1M	-
Sale (Purchase) of Intangible assets	-	-48M	-60M	-74M	-92M
Investment in Marketable and Equity Securities, Total	11M	-445M	-49M	-234M	-456M
Other Investing Activities, Total	2M	3M	-356M	-371M	-251M
Cash from Investing	-46M	-391M	-520M	-822M	-1.05B
Short Term Debt Issued, Total	625M	-	-	-	-
Long-Term Debt Issued, Total	-	3.18B	5.94B	6.65B	4.32B
Total Debt Issued	625M	3.18B	5.94B	6.65B	4.32B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-91M	-3.71B	-6.44B	-6.9B	-3.84B
Total Debt Repaid	-91M	-3.71B	-6.44B	-6.9B	-3.84B
Common Dividends Paid	-283M	-785M	-798M	-929M	-933M
Common & Preferred Stock Dividends Paid	-283M	-785M	-798M	-929M	-933M
Other Financing Activities, Total	-34M	-27M	-42M	-103M	-104M
Cash from Financing	217M	-1.34B	-1.35B	-1.28B	-552M
Foreign Exchange Rate Adjustments	-35M	32M	1M	-34M	6M
Miscellaneous Cash Flow Adjustments	-	-	-	200M	-
Net Change in Cash	133M	-556M	-134M	-51M	158M
Supplemental Items
Cash Interest Paid	-	-	14M	14M	21M
Cash Income Tax Paid (Refund)	207M	255M	255M	393M	349M
Levered Free Cash Flow	663M	1.52B	1.3B	1.91B	2.06B
Unlevered Free Cash Flow	687M	1.54B	1.34B	1.97B	2.14B
Change In Net Working Capital	273M	-353M	104M	-210M	-341M
Net Debt Issued / Repaid	534M	-525M	-507M	-248M	485M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	7.87	7.59	8.67	7.31	7.98
Return on Total Capital	18.22	17.43	20.27	17.18	18.33
Return On Equity %	62	48.47	35.83	47.35	55.56
Return on Common Equity	61.89	48.36	35.7	47.39	55.72
Margin Analysis
Gross Profit Margin %	47.3	45.81	44.36	44.11	42.99
SG&A Margin	30.5	28.94	25.85	28.61	24.09
EBITDA Margin %	19.04	19.33	18.85	13.71	17.12
EBITA Margin %	18.25	18.93	18.51	13.33	16.83
EBIT Margin %	16.79	16.87	15.92	13.02	16.4
Income From Continuing Operations Margin %	18.42	10.44	7.59	11.37	17.69
Net Income Margin %	18.38	10.42	7.56	11.33	17.63
Net Avail. For Common Margin %	18.38	10.42	7.56	11.33	17.63
Normalized Net Income Margin	10.14	8.13	5.71	9.84	15.68
Levered Free Cash Flow Margin	8.92	17.89	12.55	17.18	17.4
Unlevered Free Cash Flow Margin	9.24	18.17	12.93	17.78	18.08
Asset Turnover
Asset Turnover	0.75	0.72	0.87	0.9	0.78
Fixed Assets Turnover	10.55	14.83	19.88	22.72	20.04
Receivables Turnover (Average Receivables)	6.73	5.52	6.15	5.92	5.6
Inventory Turnover (Average Inventory)	46.36	51.78	43.92	33.29	29.02
Short Term Liquidity
Current Ratio	0.63	0.62	0.55	0.65	0.6
Quick Ratio	0.44	0.44	0.38	0.44	0.41
Operating Cash Flow to Current Liabilities	-0	0.21	0.27	0.3	0.23
Days Sales Outstanding (Average Receivables)	54.39	66.1	59.36	61.63	65.41
Days Outstanding Inventory (Average Inventory)	7.9	7.05	8.31	10.96	12.61
Average Days Payable Outstanding	11.85	10.53	8.91	7.5	7.71
Cash Conversion Cycle (Average Days)	50.43	62.62	58.76	65.09	70.32
Long Term Solvency
Total Debt/Equity	246.79	152.51	113.65	84.28	70.14
Total Debt / Total Capital	71.16	60.4	53.19	45.73	41.22
LT Debt/Equity	196.65	132.91	62.03	72.08	49.51
Long-Term Debt / Total Capital	56.71	52.63	29.03	39.11	29.1
Total Liabilities / Total Assets	86.97	83.21	79.79	77.21	73.72
EBIT / Interest Expense	32.84	37.76	26.55	13.64	15.05
EBITDA / Interest Expense	39.05	45.05	32.63	15.05	16.32
(EBITDA - Capex) / Interest Expense	37.32	44.71	32.1	14.6	15.61
Total Debt / EBITDA	2.38	1.81	1.32	1.58	1.52
Net Debt / EBITDA	2.16	1.47	1.1	1.26	1.24
Total Debt / (EBITDA - Capex)	2.49	1.82	1.34	1.62	1.58
Net Debt / (EBITDA - Capex)	2.26	1.48	1.12	1.3	1.3
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.81	14.42	21.59	7.43	6.54
Gross Profit, 1 Yr. Growth %	5.21	10.84	17.74	6.82	3.84
EBITDA, 1 Yr. Growth %	17.92	16.18	18.55	-11.09	33.29
EBITA, 1 Yr. Growth %	18.22	16.16	18.88	-12.16	34.05
EBIT, 1 Yr. Growth %	17.51	14.98	14.7	-12.15	34.23
Earnings From Cont. Operations, 1 Yr. Growth %	40.41	-35.14	-11.6	60.89	65.72
Net Income, 1 Yr. Growth %	40.53	-35.14	-11.74	61	65.69
Normalized Net Income, 1 Yr. Growth %	15.09	-38.38	-14.69	85.19	69.78
Diluted EPS Before Extra, 1 Yr. Growth %	39.89	-34.84	-12.01	58.14	66.18
Accounts Receivable, 1 Yr. Growth %	9.19	7.83	10.45	12.52	12.99
Inventory, 1 Yr. Growth %	-12.22	25.32	64.65	28.83	21.43
Net Property, Plant and Equip., 1 Yr. Growth %	-9.34	-6.25	-12.61	1.65	39.55
Total Assets, 1 Yr. Growth %	24.43	4.8	-3.76	12.48	32.3
Tangible Book Value, 1 Yr. Growth %	-95.85	144.09	44.05	77.06	107.17
Common Equity, 1 Yr. Growth %	-51.98	24.24	15.81	25.99	52.8
Cash From Operations, 1 Yr. Growth %	-100.44	23.11	51.93	8.83	-6.9
Capital Expenditures, 1 Yr. Growth %	-12	-55.17	153.85	42.42	93.62
Levered Free Cash Flow, 1 Yr. Growth %	-58.62	26.29	-14.67	47.03	7.91
Unlevered Free Cash Flow, 1 Yr. Growth %	-57.45	25.4	-13.47	47.73	8.37
Dividend Per Share, 1 Yr. Growth %	-	-	27.5	0	1.96
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	11.08	8.99	17.95	14.29	6.98
Gross Profit, 2 Yr. CAGR %	9.85	7.99	14.24	12.15	5.32
EBITDA, 2 Yr. CAGR %	20.59	17.05	17.36	-3.75	8.75
EBITA, 2 Yr. CAGR %	20.95	18.48	17.51	-4.09	8.7
EBIT, 2 Yr. CAGR %	21.39	16.24	14.84	0.38	8.59
Earnings From Cont. Operations, 2 Yr. CAGR %	23.2	-4.57	-24.28	19.26	63.29
Net Income, 2 Yr. CAGR %	23.4	-4.53	-24.34	19.21	63.33
Normalized Net Income, 2 Yr. CAGR %	18.17	2.81	-27.5	25.69	77.32
Diluted EPS Before Extra, 2 Yr. CAGR %	23.72	-4.53	-24.28	17.96	62.11
Accounts Receivable, 2 Yr. CAGR %	2.52	23.01	9.13	11.48	12.76
Inventory, 2 Yr. CAGR %	-3.02	4.88	43.64	45.64	25.08
Net Property, Plant and Equip., 2 Yr. CAGR %	-1.96	-13.34	-9.49	-5.75	19.1
Total Assets, 2 Yr. CAGR %	14.01	17.03	0.43	4.04	21.99
Tangible Book Value, 2 Yr. CAGR %	-80.44	-44.86	87.51	59.71	91.53
Common Equity, 2 Yr. CAGR %	-30.9	-17.49	19.95	20.79	38.75
Cash From Operations, 2 Yr. CAGR %	-93.66	29.01	36.76	28.59	0.66
Capital Expenditures, 2 Yr. CAGR %	-22.54	-58.37	6.67	90.14	66.06
Levered Free Cash Flow, 2 Yr. CAGR %	-	-2.58	3.81	12.01	25.96
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-2.19	4.16	13.06	26.53
Dividend Per Share, 2 Yr. CAGR %	-	-	-	12.92	0.98
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	12.19	13.04	14.33	11.64
Gross Profit, 3 Yr. CAGR %	-	10.18	11.14	11.71	9.31
EBITDA, 3 Yr. CAGR %	-	19.1	17.55	2.48	7.21
EBITA, 3 Yr. CAGR %	-	20.2	18.61	2.23	7.35
EBIT, 3 Yr. CAGR %	-	19.21	15.73	5.03	10.59
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-0.52	-6.97	-2.65	33.08
Net Income, 3 Yr. CAGR %	-	-0.41	-6.99	-2.68	33.03
Normalized Net Income, 3 Yr. CAGR %	-	8.65	-3.39	-0.89	38.94
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-0.09	-7.09	-3.21	32.24
Accounts Receivable, 3 Yr. CAGR %	-	13.36	18.68	10.25	11.98
Inventory, 3 Yr. CAGR %	-	5.63	21.89	38.53	37.08
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-7.31	-13.1	-5.92	7.42
Total Assets, 3 Yr. CAGR %	-	12.69	9.64	4.29	12.72
Tangible Book Value, 3 Yr. CAGR %	-	-34.56	-24.05	83.96	74.18
Common Equity, 3 Yr. CAGR %	-	-12.2	-7.62	21.93	30.64
Cash From Operations, 3 Yr. CAGR %	-	15.13	36.23	26.74	15.47
Capital Expenditures, 3 Yr. CAGR %	-	-50.93	-23.94	17.46	91.29
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-6.79	16.58	10.63
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-6.1	17.03	11.48
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	9.14
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	13.02	10.57
Gross Profit, 5 Yr. CAGR %	-	-	-	10.96	8.78
EBITDA, 5 Yr. CAGR %	-	-	-	9.37	11.04
EBITA, 5 Yr. CAGR %	-	-	-	9.82	11.67
EBIT, 5 Yr. CAGR %	-	-	-	11.29	12.82
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	6.96	16.51
Net Income, 5 Yr. CAGR %	-	-	-	7.02	16.5
Normalized Net Income, 5 Yr. CAGR %	-	-	-	15.17	23.17
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	6.77	16.08
Accounts Receivable, 5 Yr. CAGR %	-	-	-	12.6	16.27
Inventory, 5 Yr. CAGR %	-	-	-	20.11	23.16
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	-6.69	-1.42
Total Assets, 5 Yr. CAGR %	-	-	-	9.14	14.42
Tangible Book Value, 5 Yr. CAGR %	-	-	-	-6.49	9.95
Common Equity, 5 Yr. CAGR %	-	-	-	-0.25	8.7
Cash From Operations, 5 Yr. CAGR %	-	-	-	20.34	20.7
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-15.64	3.94
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	5.14
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	5.8